GBP/USD: Downward momentum is beginning to build – UOB Group

FXStreet Insights Team FXStreet

Pound Sterling (GBP) may retest the 1.3385 level; a sustained break below this level seems unlikely for now. In the longer run, downward momentum is beginning to build; it may take a while before 1.3335 comes into view, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

It may take a while before 1.3335 comes into view

24-HOUR VIEW: "After GBP fell to 1.3383 and rebounded strongly, we highlighted the following last Friday: 'Although the rebound seems stretched, GBP could test 1.3500 before a pause or pullback is likely. The strong resistance at 1.3520 is unlikely to come under threat.' Our assessment was not wrong, as GBP rose to 1.3511 and then pulled back to close at 1.3451. Today, GBP dropped sharply on the open, and downward momentum is building. GBP may retest the 1.3385 level, but a sustained break below this level seems unlikely for now. Resistance is at 1.3445 and 1.3465."

1-3 WEEKS VIEW: "Last Thursday, 19 Jun, when GBP was at 1.3415), we indicated that “downward momentum is beginning to build, but it may take a while before 1.3335 comes into view.” We also indicated that 'only a break of 1.3520 (‘strong resistance’ level) would mean that the buildup in momentum has faded.' Last Friday, GBP rose to 1.3511 and then pulled back. As our levels remains intact, we continue to hold the same view."

Author

FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

EUR/USD looks apathetic around 1.1770

EUR/USD comes under renewed pressure on Tuesday, deflating below the 1.1800 support and reversing two consecutive days of gains. The pair’s decline follows the persistent move higher in the US Dollar, as trade uncertainty dominates the sentiment ahead of President Trump’s SOTU speech.

GBP/USD regains 1.3500 and above

GBP/USD extends its advance for the third day in a row on Tuesday, this time retesting the area beyond the 1.3500 hurdle. Cable’s uptick comes despite decent gains in the Greenback and the dovish message from the BoE’s Bailey at the UK Parliament.

Gold appears offered around $5,150

Gold is giving back a good portion of the recent multi-day rally, receding to the $5,150 zone per troy ounce amid the decent bounce in the US Dollar and mixed US Treasuty yields. In the meantime, markets’ attention remain on upcoming comments from Fed speakers.

Crypto Today: Bitcoin, Ethereum, XRP come under renewed pressure amid ETF outflows, tariff uncertainty

Bitcoin, Ethereum and Ripple are trading under increasing selling pressure at the time of writing on Tuesday, as market participants navigate renewed tariff uncertainty. The Crypto King holds above $63,000, down 2% intraday from its $64,656 open.

The Citrini report: How a debatable AI narrative can shake Wall Street

That AI-related headline alone was enough to rattle investors.US stocks slid sharply on Monday after a widely circulated Citrini Research memo outlined a hypothetical “2028 Global Intelligence Crisis”, warning that rapid AI adoption could push US unemployment into double digits as early as by mid-2028.

XRP pressured by weak ETF flows and declining retail interest

Ripple (XRP) is edging lower, trading above its intraday low of $1.32 at the time of writing on Tuesday. The decline from its weekly opening of $1.39 reflects heightened volatility in the broader cryptocurrency market, accentuated by tariff-triggered uncertainty.